Can these 5 green EV stocks be the blue chips of future? 

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Can these 5 green EV stocks be the blue chips of future? 

 Can these 5 green EV stocks be the blue chips of future? 
Image source: Herr Loeffler,Shutterstock

Summary

  • Lightning eMotors (NYSE: ZEV) will report Q2 earnings results after the market close on August 16.

  • Lordstown Motors Corp. (NASDAQ: RIDE) reported a Q1 net loss of US$125 million; It will release the Q2 figures on August 11.

  • Lucid Group Inc. (NASDAQ: LCID) made its NASDAQ debut on July 26 following its merger with Churchill Capital Corp IV.

The electric vehicle market has been in high spirits since President Joe Biden signed an executive order last week to boost EV sales by at least half of all new cars sold in the US by 2030. Following the order, stocks of electric vehicle makers and battery manufacturers were trending on Wall Street.

                       

Can these 5 Green EV stocks be the blue chips of future?

 

The government has recently announced a series of policies aimed at curbing vehicular and greenhouse gas emissions, from increasing efficiency of the vehicles to building EV charging stations. It has provisioned US$7.5 billion to build EV charging stations as part of its infra spending plan.

The global auto market is increasingly focusing on EV adoption to reduce emissions to fight global warming. Let's look at some of the top stocks that may benefit from the ongoing EV revolution.

Lightning eMotors Inc. (NYSE: ZEV)

The stock of this EV firm traded at US$10.65 at 9.33 am ET on August 11, down 8.19 percent from the closing price of August 10. The stock value of ZEV went down by 18.76 percent YTD.

The market capitalization of the EV maker is US$849.678 million. The forward P/E one year is -11.84. The highest and lowest stock price of the company for 52 weeks is US$17.36 and US$5.84. The share volume is 153,470,228.

The automaker will report its Q2 earnings results for fiscal 2021 on Monday, August 16, after the market close.

The total revenue of the company for Q1 was US$4.6 million compared to US$0.7 million in the year-ago quarter. Its backlog in Q1 was US$169 million, and the sales pipeline totaled US$807 million.

Also Read: Explore four battery stocks powering the green drive

Source: Pixabay

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Lordstown Motors Corp. (NASDAQ: RIDE)

The stocks of the Ohio-based firm traded at US$5.765 at 9:40 am ET on August 11, down 1.11 percent from the closing price of August 10. The stock value of RIDE went down by 71.69 percent YTD.

The market capitalization of the automaker is US$1.015 billion. The forward P/E one year is -2.51. The earnings per share (EPS) is US$-1.94. The highest and lowest stock price of the company for 52 weeks is US$31.80 and US$5.67. The share volume is 9,048,858.

Lordstown will report its Q2 earnings on August 11 after the market close. In Q1, the EV maker reported a net loss of US$125 million, a capital expenditure of US$53 million, and cash reserves of US$487 million.

Lucid Group Inc. (NASDAQ: LCID)

Lucid Group made its debut in NASDAQ on July 26, following its merger with Churchill Capital Corp IV (NYSE: CCIV-WT).

The stock of this Newark, California-based company traded at US$24.51 at 9:56 am ET on August 11, up 0.20 percent from the closing price of August 10. The stock value of LCID went up by 144.02 percent YTD.

The market capitalization of the company is US$39.656 billion. The highest and lowest stock price of the automaker for 52 weeks is US$64.86 and US$9.60. The share volume is 1,093,773.

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NIO Inc (NYSE: NIO)

The stock of the Chinese automobile manufacturer traded at US$43.74 at 10:10 am on August 11, down 1.09 percent from the closing price of August 10. The stock value of NIO went down by 18.4 percent YTD.

The market capitalization of the automaker is US$71.669 billion. The forward P/E one year is -68.03. The earnings per share (EPS) is US$-0.94. The highest and lowest stock price of the company for 52 weeks is US$66.99 and US$12.54. The share volume is 5,353,079.

The Shanghai-based company will report its unaudited Q2 earning report for fiscal 2021 on Wednesday, August 11, after the market close.

Meanwhile, the company's revenue surged 481.8% YoY to US$1,218.3 million in the first quarter. In its unaudited Q1 report, its gross profit was US$237.3 million, up 36.2% from the fourth quarter of 2020.

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Canoo Inc (NASDAQ: GOEV)

The stock of this American EV maker startup traded at US$7.89 at 10:23 am ET on August 11, down 1.25 percent from the closing price of August 10. The stock value of GOEV plunged 36.8 percent YTD.

After the market close, the Torrance, California-based firm will report its Q2 financial results on Monday, August 16.

In Q1, the company reported cash reserves of US641.9 million. The GAAP net loss and comprehensive loss was US$15.2 million compared to a loss of US$30.9 million in the year-ago quarter.

The market capitalization of the automobile manufacturing firm is US$1.883 billion. The forward P/E one year is -4.30.

The highest and lowest stock price of GOEV for the last 52 weeks is US$24.90 and US$6.51. The share volume is 243,378.

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